Abu Dhabi’s Hub71 attracts $130 million in startup investment

Hub71, Abu Dhabi’s global tech ecosystem, has welcomed 21 startups in Cohort 15, increasing the total number of ventures it supports to 243. Following a rigorous selection process, these startups will enter Hub71’s Access program and the specialist ecosystems of Hub71+ Digital Assets and Hub71+ ClimateTech. Collectively, the startups in Cohort 15 have raised $134.9 million in funding, which underlines Hub71’s success in attracting high-potential startups poised to drive technological innovation across the priority sectors of Abu Dhabi’s diversified economy.

Cohort 15 was selected from over 1228 applications, with 17 startups founded in international markets, including the USA, United Kingdom, France, and Germany. Notable startups set to join Hub71’s Access program include EpiBone, a US-based HealthTech company that has raised $43 million (Dhs 158 million) in funding. Meanwhile, Partanna Oasis, a material science company that makes carbon-negative concrete and was co-founded by NBA legend Rick Fox, has raised $26 million (Dhs98 million) in funding and is set to join Hub71+ ClimateTech. Additionally, UK-based Greengage that offers Web3 FinTech solutions for SME and family offices has raised $10 million (Dhs 36 million) in funding is set to join the Hub71+ Digital Assets specialist ecosystem. By joining Hub71, these startups are establishing operations in Abu Dhabi, further solidifying the UAE capital’s status as a leading global tech hub and a preferred destination for entrepreneurial growth.

Ahmad Ali Alwan, CEO of Hub71, said: “Cohort 15 is abundant with pioneering startups that are positioned to contribute to Abu Dhabi’s innovation ecosystem. By providing the startups with access to investment opportunities and market reach, Hub71 is supporting the founders’ journey in Abu Dhabi and accelerating their transformative impact globally.”

Additionally, more than half of Cohort 15 consists of Seed and Series A startups, demonstrating Hub71’s ability to scale ventures from early stages. The selected startups operate in seven sectors, including

FinTech, ClimateTech, HealthTech, EdTech, and Mobility & Logistics, and will play a crucial role in building the resilience and sustainable growth of Abu Dhabi’s economy. A notable startup joining the Access program is Autone, a US-based logistics company offering an inventory management system that integrates AI to provide real-time data and decision intelligence for enterprises. The startup has secured $4.8 million (Dhs17 million) in funding.

Seven startups in the cohort will join Hub71+ ClimateTech, where they will have access to tailored resources and support packages designed to enable their mission of shaping a more sustainable future. With the latest cohort, Hub71+ ClimateTech comprises 12 startups, all poised to advance the nation’s net-zero and sustainability ambitions. Among the startups is Plenesys, a company based in France, that creates innovative solutions that produce clean hydrogen without CO2 emissions. The startup achieves this by using plasma methane pyrolysis of natural gas or biomethane, at a 50 per cent lower cost than electrolysis. Plenesys has recently secured funding of $3 million (Dhs 11 million).

Meanwhile, five startups are set to join Hub71+ Digital Assets, a specialist ecosystem focused on unleashing the growth potential of Web3 and digital assets. This increases the total number of startups in the specialist ecosystem to 22. Among the startups joining is Norway-based Gateway.fm, a distributed blockchain infrastructure that automates and provides enterprises with turnkey solutions for deploying private blockchains and infrastructure. The company has raised $6 million (Dhs 22 million).

By joining Hub71 “Access” and Hub71+ specialist ecosystems, startups will be able to tap into a vibrant community of mentors, partners, and investors within Abu Dhabi’s thriving technology ecosystem, gaining access to market opportunities, top talent, and capital, which significantly enhances their prospects of securing commercial deals, attracting investment, and driving market growth. Additionally, startups will benefit from up to Dhs 250,000 worth of in-kind incentives and Dhs 250,000 in cash for equity, through a SAFE note. High-performing startups will also be eligible to receive a top-up of up to Dhs 250,000 in exchange for additional equity upon completing the programme.

WAM